The recent study on the Global Cardiovascular Device Market by Reports and Data suggests that the market was estimated to attain a value of USD 73.77 Billion by the end of 2027 with a CAGR of 6.8%. The most common Cardiovascular diseases include stroke, hypertensive heart disease, rheumatic heart failure, heart arrhythmia, and congenital heart disease, among others. Cardiovascular Device is an apparatus or a material made with the purpose of prevention, treatment, and alleviation of the Cardiovascular disorder. It can be a device used for monitoring and diagnosis or surgical intervention in the treatment of the diseases.
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The market for these medical devices is propelled by the high prevalence of the target disease due to unhealthy living habits like smoking, consumption of alcohol, and hypertension, coupled with a rising geriatric population. The advancements in science and technology to bring about minimally-invasive methods to treat the disease and improved awareness about techniques to treat the disease will benefit the market in the future. Appropriate medical reforms, along with suitable, cost-effective treatments aided with coverage and reimbursements, have shaped the growth curve. Also, strategic acquisitions and mergers, along with primary product launches, have fueled the market. However, unfavorable trade relations, high cost of device maintenance, and lack of skilled personnel are hindering the market growth.
Further key findings from the report suggest
- The Asia Pacific regional segment of the cardiovascular device market has registered a significantly high CAGR. This can be attributed to the rising population, particularly the geriatric population, adoption of unhealthy western lifestyle, and substantial investments in the health sector
- Among end-users, the Cardiac diagnostic centers were popularized due to the ease and lack of delay in diagnosis and monitoring. Also, it is more economical than hospitals, and hence it has registered a CAGR of 6.5%
- Among the devices for Diagnostic and Monitoring, the ECG holds at least 40% of the share, and this can be attributed to the augmented capacities of the new generation electrocardiograms.
- Current and future product approvals will determine the strength of the market in the foreseeable future. For instance, Medtronic plc received approval from the United States Food and Drug Administration Systems (USAD) for patients with chronic and severe heart failures to be treated with a new approach like the less invasive-implant approach via thoracotomy
- The market is consolidated and restricted to a few key players. The market situation is tough for entrants, especially to get tax cuts and product approvals
- Top companies, for instance, Medtronic acquired approval from FDA for a device named DES made for the purpose of treating patients with Chronic Total Occlusion, which will come up in the near future
- Europe has been able to capture almost 20% of the market share. This is because of the increasing number of people affected by cardiovascular diseases in the given regions. However, there are a lot of factors like stringent regulations and the effects of the recent political breakdown that has hindered the European market
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Segments covered in the report:
This report forecasts revenue growth at global, regional, and country levels to provide an analysis of the industry trends in each of the sub-segments from 2017 to 2027. For the purpose of this study, Reports and Data has segmented the Cardiovascular Device Market based on Product Type, End-Use, and Region.
Product type (Revenue, USD Million; 2017–2027)
- Diagnostic and monitoring devices
- Electro cardiogram(ECG)
- Echo cardiogram
- Holter monitors
- Event Monitors
- PET scans
- MRI scans
- Cardiac CT
- Surgical Devices
- Pacemakers
- Stents
- Catheters
- Guidewire
- Electrosurgical Procedures
- Valves
- Occlusion Devices
By Application (Revenue, USD Million; 2017–2027)
- Coronary Heart Disease
- Sudden Cardiac Arrest
- Stroke
- Cerebrovascular Heart Disease
- Others
End-Use (Revenue, USD Million; 2017–2027)
- Hospital
- Cardiac Diagnostic Centres
- Ambulatory Surgical Centres
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/cardiovascular-devices-market
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